Car Loan with Maruti Suzuki Finance scheme highlights
- 100% on-road funding for salaried customers for 8 years
- Step-up scheme, EMI starting at ₹1,250 per Lakh
- Balloon EMI scheme (final EMI 25% of loan amount)
- Low EMI Scheme, for 1st three months, starting with ₹899 per Lakh
- Offers valid till July 31, 2020
Car Loans – EMI have played a very crucial role in changing the reason to own a car from being luxury a few generations back to essential and now an necessity.
Even the new car loan interest rates have reduced from approx. 13% in 2001 to 7.25% in 2020 while the used car loan interest is seen at approx. 14% in 2020.
For many of us that adds more the reason to buy a new car along with the other lucrative scheme or offers that the new car dealer will thrown in to close the deals. And if its the DECEMBER month of the year then the luck is by your side as the interests rates would remain the same but discounts and offers from the new car dealer would be much better.
Usually the car dealers will have an tie-up with the bank for car loan or the buyer can opt to choose his or her own bank and other financial institution to loan from.
Hence as the competition in the auto industry is ever increasing now with several other OEMs like Kia Motors who have entered the Indian market and OEMs like Citroën postponing their launch in the country due to COVID-19, there is an tie-up between banks-OEMs to make the “Car owning” experience easier for the car buyer.
With that said we have news on a new car loan option that Maruti Suzuki has to offer along with Axis Bank as read in the PR release on their site.
In this joint venture between Maruti Suzuki and Axis Bank Ltd, an new car buyer with 8 years of Salaried employment can avail 100% finance on the car with an EMI starting at INR 1250 per INR 1,00,000. Other benefit is that the eligible new car buyer can also choose to have an low EMI in the current COVID-19 pandemic scenario and later chose to increase the same as their earnings are more stabilized or increased over the period of time.
“Concern over safety and maintaining social distancing has uptick the preference for having a personal vehicle,” Shashank Srivastava, executive director (marketing) at Maruti Suzuki said. “We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solution for buying cars.”